Popular Posts Today

Diberdayakan oleh Blogger.

Opposition NDP tables motion calling on PM to join premiers at economic summit

Written By empapat on Rabu, 19 September 2012 | 09.05

OTTAWA - The Opposition NDP is accusing the federal Conservatives of endangering the fragile economic recovery, and calling on the prime minister to meet with the premiers in an economic forum in November.

In a fiery speech to his caucus, NDP Leader Tom Mulcair described recent cuts to federal spending made by the Tories "reckless."

Prime Minister Stephen Harper has been boasting about his party's achievements since taking office in 2006, including the creation of roughly three quarters of a million jobs.

But Mulcair told the first NDP caucus meeting of the fall session of Parliament that Harper's economic record is shoddy, pointing to Canada's record trade deficit in July and massive household debt levels.

Mulcair has tabled a motion, to be debated Thursday, that calls on all levels of government to build a balanced economy.

And it insists that Harper meet with his provincial and territorial counterparts in November when they're slated to hold a national economic summit in Halifax.

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/opposition+ndp+tables+motion+calling+on+pm+to+join+premiers+at+economic+summit/6442718194/story.html
--
Manage subscription | Powered by rssforward.com
09.05 | 0 komentar | Read More

U.S. can't 'austere itself' to a stronger economy, Goldman Sachs CEO says

Goldman Sachs chairman and chief executive officer Lloyd Blankfein in Washington, April 27, 2010. THE CANADIAN PRESS/AP, Susan Walsh

Goldman Sachs chairman and chief executive officer Lloyd Blankfein in Washington, April 27, 2010. THE CANADIAN PRESS/AP, Susan Walsh

TORONTO - Austerity measures are not the best path right now for the United States, the head of U.S. financial giant Goldman Sachs Group Inc said Wednesday.

"You can't austere yourself into a higher GDP," Goldman Sachs chairman and CEO Lloyd Blankfein told a business crowd in Toronto.

"I'm all for implementing budget changes that accelerate over the long term, but in the short term I wouldn't take too much money away from people or cut back on a lot of expenditure programs."

It's also not the time for another stimulus package, he said, but the key for success in the near term will be a balance: holding off on austerity measures while not taking away "the punch bowl."

He said the U.S. is approaching a "fiscal cliff" that would happen if warring politicians in Washington don't get together this fall to extend programs and tax cuts that have helped keep the economy out of recession.

The current problems are self-inflicted and within everyone's power to stop, Blankfein said.

He said the U.S. political system is bringing out the extremes within the two main parties — Republicans and Democrats — rather than the moderates.

It's a "defect" of the system, he said, recalling the debate over the U.S. federal government's debt ceiling last year.

"If moderation is a pejorative...and a guarantee of failure at the polls, which it seems to be in some cases, that's not a good environment for compromise," Blankfein said.

But, he said, these situations have a way of working out and even though the fiscal cliff lies ahead, it doesn't have to be a problem because the "basic guts" of it are good.

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/us+cant+austere+itself+to+a+stronger+economy+goldman+sachs+ceo+says/6442718128/story.html
--
Manage subscription | Powered by rssforward.com
09.05 | 0 komentar | Read More

Air Canada poised to unveil plans to launch low cost carrier in 2013

An Air Canada jet takes off over the terminal at the Halifax airport on Sept. 12, 2011. THE CANADIAN PRESS/Andrew Vaughan

An Air Canada jet takes off over the terminal at the Halifax airport on Sept. 12, 2011. THE CANADIAN PRESS/Andrew Vaughan

MONTREAL - Air Canada says it is a couple of weeks away from announcing details for a separate low-cost airline that will serve transatlantic and leisure routes in the Caribbean and the United States.

Michael Rousseau, the airline's chief financial officer, told a CIBC investment conference on Wednesday that the carrier will be wholly owned by Air Canada (TSX:AC.B), but carry a different name.

"It is a very exciting initiative, not just for Air Canada, but our employees as well because it does provide growth opportunities for us," he said.

About half of the incremental profits from the low cost carrier will be derived from cramming more seats into a fleet of 20 Boeing 767s and 30 Airbus A319s. The rest comes from lower employee wages and more flexible work rules.

The wide-body planes, for example, will be fitted with 20 per cent more seats, raising the number of passengers to 275 per aircraft.

The new business model will open the low cost carrier to new routes in Europe that currently aren't cost competitive for Air Canada and allow it to be more competitive on Caribbean and some U.S. destinations.

"The majority of the transatlantic routes will be in fact growth routes for us that we think we can make adequate if not very strong returns," Rousseau said.

Its approach to the leisure market is more defensive, he added, with some routes switching to the low cost carrier to improve margins.

After studying various global models, including Qantas's Jetstar low cost carrier in Asia,

Rousseau said Air Canada studied various global models — including Qantas's Jetstar in Asia — and opted to create a wholly owned airline with a separate management to ensure it maintains the low cost carrier "mentality."

However, the new airline will take advantage of Air Canada's strength and leverage to negotiate certain contracts.

Rousseau warned that the new low cost carrier will be launched in 2013, but won't have a material impact on Air Canada's results until it ramps up to the full fleet of 50 planes.

Meanwhile, he says Air Canada is working on several other initiatives to build its profits after completing gruelling labour negotiations that lasted longer than it had anticipated.

"Now those are behind us and for the most part those contracts are fair and provide us lots of flexibility, especially the ACPA contract (with pilots). We are taking full advantage of that as a management group to drive value over the next couple of years."

Rousseau downplayed suggestions of lingering friction between the company and unionized employees following the labour disputes. He said there wasn't any increase in pilots booking off sick after the arbitrator ruled in favour of the airline.

He blamed the media for portraying tensions between the company.

"We don't have a difficult relationship with the vast majority of our employees."

Among Air Canada's efforts is to develop a "competitive response" to WestJet Airlines (TSX:WJA) plans to launch a regional service next year.

New scope clauses in the agreement with pilots allows up to 60 planes with up to 76 seats to be flown by its regional partner at lower cost.

"The ability to push some flying down to regional which has a lower cost structure than mainline is a way to some degree that we're going to be able to compete with WestJet's regional."

It also is discussing with Ottawa about extending its moratorium on past service pension contributions for another 10 years once the current deal expires in 2013.

And Air Canada is preparing for the arrival in 2014 of its first Boeing 787 aircraft that will allow it to economically service markets such as India. The planes, which will be purchased rather than leased, could be outfitted with three cabin classes — economy, premium economy and business.

While the International Air Transportation Association has warned about slowing premium travel, Rousseau said Air Canada hasn't experienced a softening and pricing remains strong.

On the Toronto Stock Exchange, Air Canada's shares gained three cents at $1.19 in morning trading.

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/air+canada+poised+to+unveil+plans+to+launch+low+cost+carrier+in+2013/6442718114/story.html
--
Manage subscription | Powered by rssforward.com
09.05 | 0 komentar | Read More

Loonie weakens with mixed commodities; U.S., Canadian housing data

An American dollar bill and Canadian coins, are seen on Nov. 8 2007 in Quebec City. THE CANADIAN PRESS/Jacques Boissinot

An American dollar bill and Canadian coins, are seen on Nov. 8 2007 in Quebec City. THE CANADIAN PRESS/Jacques Boissinot

TORONTO - The Canadian dollar was lower near midday after housing data from both sides of the border gave a somewhat different picture of the two markets.

The loonie was down 0.15 of a cent to 102.46 cents US.

In Canada, the Teranet–National Bank National Composite House Price Index showing that prices rose a meagre 0.2 per cent in August from the month prior. That marks the weakest month-over-month increase in 12 years.

The somewhat discouraging data ran against a report from the U.S. Commerce Department that said builders started construction on more homes in August, driven by the fastest pace of single-family home construction in more than two years.

"August starts and permit numbers were so-so, but the broader trends suggest that the U.S. housing recovery is solidifying," said said BMO Capital Markets senior economist Robert Kavcic in a note.

Oil prices backed off with October crude on the New York Mercantile Exchange down $2.75 to US$92.54 a barrel.

December bullion increased $1.60 to US$1,772.80 an ounce while December copper was up less than one cent to US$3.80 a pound.

Earlier, the Bank of Japan said it was increasing its asset purchasing fund to 55 trillion yen (US$700 billion) from 45 trillion yen to counter the strength of the Japanese currency. A strong yen makes it more difficult for Japanese companies to compete in international markets.

The Bank of Japan's move comes days after the U.S. Federal Reserve revealed it will purchase an average of $40 billion a month in mortgage-backed securities until the economy shows significant improvement.

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/loonie+weakens+with+mixed+commodities+us+canadian+housing+data/6442718083/story.html
--
Manage subscription | Powered by rssforward.com
09.05 | 0 komentar | Read More

Toronto stock market flat with commodity prices mixed, alongside housing data

A man walks past a building in Toronto that used to house the Toronto Stock Exchange on August 18 2011. THE CANADIAN PRESS/Aaron Vincent Elkaim

A man walks past a building in Toronto that used to house the Toronto Stock Exchange on August 18 2011. THE CANADIAN PRESS/Aaron Vincent Elkaim

TORONTO - The Toronto stock market was relatively flat near midday Wednesday as traders weighed mixed commodity prices against new data on both the U.S. and Canadian housing markets.

The S&P/TSX composite index advanced 13.13 points to 12,435.84. The TSX Venture Exchange rose 10.03 points to 1,332.67.

The Canadian dollar was off 0.15 of a cent to 102.46 cents US.

The energy sector marked the biggest decliner, off 0.6 per cent, with Talisman Energy falling eight cents to $14.17.

October crude on the New York Mercantile Exchange moved down $2.75 to US$92.54 a barrel.

December bullion increased $1.60 to US$1,772.80 an ounce while December copper was up less than one cent to US$3.80 a pound.

In economic data, a report from the U.S. Commerce Department said that builders started construction on more homes in August, driven by the fastest pace of single-family home construction in more than two years.

Construction of new homes and apartments rose 2.3 per cent to a seasonally adjusted annual rate of 750,000 last month.

The picture of the Canadian housing market was somewhat less encouraging, with the Teranet–National Bank National Composite House Price Index showing that prices rose a meagre 0.2 per cent in August from the month prior. That marks the weakest month-over-month increase in 12 years.

On Wall Street, the Dow Jones industrials gained 20.74 points to 13,585.38. The Nasdaq composite index trekked ahead 0.17 of a point to 3,177.97 and the S&P 500 index was 1.87 points higher to 1,461.19.

Japan's main stock market hit a four-month high Wednesday after the country's central bank eased monetary policy to shore up fragile economic growth, but the positive momentum ground to a halt in Europe.

The Bank of Japan said it was increasing its asset purchasing fund to 55 trillion yen (US$700 billion) from 45 trillion yen to counter the strength of the Japanese currency. A strong yen makes it more difficult for Japanese companies to compete in international markets.

The central bank's move comes days after the U.S. Federal Reserve revealed it will purchase an average of $40 billion a month in mortgage-backed securities until the economy shows significant improvement.

In corporate developments, B2Gold Corp. (TSX:BTO) plans to acquire CGA Mining Ltd. (TSX:CGA) and its producing Masbate mine in a friendly all-stock deal they value at $1.1 billion. B2Gold stock fell 27 cents or 6.3 per cent to $4.03 while CGA's rose 27 cents or 10.2 per cent to $2.92.

Air Canada (TSX:AC.B) said it is a couple of weeks away from announcing details of its plan to launch a separately managed low-cost airline that will service transatlantic and leisure routes in the Caribbean and the United States. Its shares rose five per cent, or six cents, to $1.22.

In Europe, the FTSE 100 index of leading British shares up 0.2 per cent at 5,878 while Germany's DAX was up 0.4 per cent at 7,376. The CAC-40 in France was 0.4 per cent higher at 3,527.

Earlier in Asia, stocks were generally fairly buoyant after the Bank of Japan's easing announcement.

Hong Kong's Hang Seng climbed 1.2 per cent to 20,841.91 and Australia's S&P/ASX 200 added 0.5 per cent to 4,418.40. South Korea's Kospi gained 0.2 per cent to 2,007.88. The Shanghai Composite Index rose for the sixth straight trading day, up 0.4 per cent to 2,067.83. The Shenzhen Composite Index gained 0.7 per cent to 865.73.

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/toronto+stock+market+flat+with+commodity+prices+mixed+alongside+housing+data/6442718019/story.html
--
Manage subscription | Powered by rssforward.com
09.05 | 0 komentar | Read More

Canadian Auto Workers talks continuing with General Motors and Chrysler

MONTREAL - Talks are continuing with General Motors and Chrysler to reach new collective agreements with the Canadian Auto Workers Union.

Chrysler would only say that talks are ongoing and had no further comment.

The Canadian Auto Workers was holding what it has described as "constructive talks" with GM.

The union cancelled a Monday night strike deadline, agreeing to give Chrysler and GM negotiators more time to review a tentative four-year deal it reached with Ford that it wants to serve as a pattern agreement.

The Ford deal contains no base wage increases, but workers will get $2,000 a year in the second, third and fourth years to cover cost of living increases, and a $3,000 ratification bonus.

Industry observers say the Ford deal is expected to used as the basis for deals with GM and Chrysler.

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/canadian+auto+workers+talks+continuing+with+general+motors+and+chrysler/6442718189/story.html
--
Manage subscription | Powered by rssforward.com
09.05 | 0 komentar | Read More

Japan's Cabinet backpedals on totally phasing out nuclear energy; new regulatory agency starts

This Jan. 26, 2012 file photo shows No. 3, right, and No. 4 reactors at Kansai Electric Power Co's Ohi nuclear power plant in Ohi, Japan. THE CANADIAN PRESS/AP, Shizuo Kambayashi

This Jan. 26, 2012 file photo shows No. 3, right, and No. 4 reactors at Kansai Electric Power Co's Ohi nuclear power plant in Ohi, Japan. THE CANADIAN PRESS/AP, Shizuo Kambayashi

TOKYO - Japan's Cabinet stopped short of a commitment Wednesday to phase out nuclear power by 2040, backtracking from an advisory panel's recommendation in the face of opposition from pro-nuclear businesses and groups.

The decision came on the same day that Japan launched a new nuclear regulatory body to replace an agency whose links to the nuclear industry reportedly contributed to last year's disaster at the Fukushima Dai-ichi nuclear plant.

While not endorsing last week's advisory panel report, the Cabinet did vaguely agree to pursue its goals. The panel, acknowledging public aversion to nuclear power since the Fukushima accident, urged that it be phased out within three decades through greater reliance on renewable energy, more conservation and sustainable use of fossil fuels.

The Cabinet said it would only take the policy report "into consideration" and would seek public support for its recommendations. The public, in this case, includes the general population as well as the nuclear industry, other business interests, and communities near nuclear plants that rely on them economically.

National Policy Minister Motohisa Furukawa said the focus of Japan's energy policy continues to be the phasing out of nuclear power, although it would take time. Furukawa vowed to push for green energy and for cuts in carbon dioxide emissions.

The Cabinet's ambiguous endorsement added to criticism that the policy revision may be aimed at winning votes in elections expected within the next few months.

Business leaders praised the Cabinet's perceived backpedaling.

"It seems that (the Cabinet) did not mention specific targets such as 2030s or zero per cent, so I assume we can avert the problem for the time being," said Masahiro Yonekura, chairman of the influential business lobby Keidanren. On Tuesday, Yonekura called the phase-out plan "totally unacceptable" and threatened to quit a government panel if it were adopted.

The decision still represents a shift for a government that until recently was considering a plan for nuclear power to continue to supply up to 25 per cent of the country's energy needs through the 2030s.

"At least the policy showed the direction we should be heading," said Hideyuki Ban, co-head of anti-nuclear Citizens' Nuclear Information Center, who served on a government nuclear energy policy panel. "But the level of commitment has been weakened, and the plan has lots of holes ... It's obvious there was tremendous pressure from businesses."

Nuclear power provided about a third of the country's electricity before the March 11, 2011, accident at the Fukushima plant, and Japan had planned to increase that to 50 per cent. Currently only two of the country's 50 functioning reactors are on line while the government addresses public concerns about safety.

The new regulatory agency, the Nuclear Regulation Authority, inaugurated Wednesday was delayed for months by demands from opposition lawmakers for more independence and by criticism of the pro-nuclear background of some appointees. The five-member agency is headed by nuclear physicist and Fukushima native Shunichi Tanaka, a former executive of the Japan Atomic Energy Agency, which promotes nuclear energy.

Tanaka, 67, has helped decontaminate areas around the Fukushima plant that were exposed to radiation. But some residents criticize him for downplaying the potential risk of low-dose radiation exposure.

The four other committee members are a former JAEA official, a radiation expert, a seismologist and a former diplomat who took part in a parliamentary investigation into the Fukushima crisis.

Prime Minister Yoshihiko Noda made the appointments without going through required parliamentary approval to meet the committee's Sept. 26 launch deadline, prompting widespread public protests.

The new agency combines the former regulator Nuclear Industrial and Safety Agency, the Nuclear Safety Commission and several other nuclear-related government departments. It is attached to the Environment Ministry to distance it from promoters of nuclear energy. NISA was part of the industry ministry, which advocates nuclear power.

Several investigations have said collusion between regulators and the utility that ran Fukushima contributed to the worst nuclear disaster since Chornobyl.

"Our foremost task is to seek how to rebuild the country's administration for nuclear safety and regain the public trust that has been completely lost," Tanaka said at the new agency's first meeting.

The energy policy recommended last Friday by the Cabinet advisory panel calls for a nuclear-free society by 2040. The phase-out was to be achieved by retiring aging reactors and not replacing them. It also calls for limiting each reactor to a 40-year lifespan, though a 20-year extension can be granted as an exception.

That approach is popular with the public, but faces strong resistance from powerful business interests. Communities where nuclear plants are located are also loath to give up their huge government subsidies.

To blunt outright opposition, the energy plan left many details undecided, including the processing of spent fuel and disposal of radioactive waste. That allows a fuel recycling program at a plant in northern Japan to continue and leaves unanswered how Japan will avoid accumulating stockpiles of spent plutonium in violation of non-proliferation commitments.

___

Follow Mari Yamaguchi on Twitter at www.twitter.com/mariyamaguchi

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/japans+cabinet+backpedals+on+totally+phasing+out+nuclear+energy+new+regulatory+agency+starts/6442717912/story.html
--
Manage subscription | Powered by rssforward.com
08.35 | 0 komentar | Read More

Air Canada weeks away from launching low cost carrier plans to launch in 2013

An Air Canada jet takes off over the terminal at the Halifax airport on Sept. 12, 2011. THE CANADIAN PRESS/Andrew Vaughan

An Air Canada jet takes off over the terminal at the Halifax airport on Sept. 12, 2011. THE CANADIAN PRESS/Andrew Vaughan

MONTREAL - Air Canada says it is a couple of weeks away from announcing plans to launch a separately managed low cost carrier that will service transatlantic and leisure routes in the Caribbean and the United States.

Michael Rousseau, the airline's chief financial officer, told a CIBC investment conference on Wednesday that the carrier will be wholly owned by Air Canada (TSX:AC.B), but carry a different name.

About half of the incremental profits from the low cost carrier will be derived from cramming more seats into a fleet of 20 Boeing 767s and 30 Airbus A319s. The rest comes from lower employee wages and more flexible work rules.

The wide-body planes, for example, will be fitted with 20 per cent more seats, raising the number of passengers to 275 per aircraft.

The new business model will open the low cost carrier to new routes in Europe that currently aren't cost competitive for the legacy carrier and allow it to be more competitive on sun and some U.S. destinations.

Rousseau warned that the new low cost carrier will be launched in 2013, but won't have a material impact on Air Canada's results until it ramps up to the full fleet of 50 planes.

Meanwhile, he says Air Canada is working on several other initiatives, including developing a "competitive response" to WestJet Airlines (TSX:WJA) plans to launch a regional service next year.

It also is discussing with Ottawa about extending its moratorium on past service pension contributions for another 10 years once the current deal expires in 2013.

On the Toronto Stock Exchange, Air Canada's shares gained one cent at $1.17 in morning trading.

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/air+canada+weeks+away+from+launching+low+cost+carrier+plans+to+launch+in+2013/6442718114/story.html
--
Manage subscription | Powered by rssforward.com
08.35 | 0 komentar | Read More

Teranet-National Bank home price index gains 0.2 per cent in August

TORONTO - Home prices posted their smallest August increase in 12 years, according to the Teranet–National Bank National Composite House Price Index.

The monthly index gained just 0.2 per cent while three of the 11 metropolitan markets surveyed saw prices go down.

Vancouver, Victoria and Quebec City saw month-over-month decreases.

Compared with a year ago, the composite index was up 4.1 per cent from a year earlier.

The reading on home prices comes amid growing signs the Canadian housing market is cooling.

Earlier this week, the Canadian Real Estate Association cut its 2012 and 2013 outlook for home sales and lowered its national average price forecast.

The cut came as CREA reported August sales slipped 5.8 per cent compared with July and were down 8.9 per cent compared with August 2011.

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/teranet-national+bank+home+price+index+gains+02+per+cent+in+august/6442718149/story.html
--
Manage subscription | Powered by rssforward.com
08.35 | 0 komentar | Read More

U.S. can't austere itself to a higher GDP, Goldman Sachs CEO says

Goldman Sachs chairman and chief executive officer Lloyd Blankfein in Washington, April 27, 2010. THE CANADIAN PRESS/AP, Susan Walsh

Goldman Sachs chairman and chief executive officer Lloyd Blankfein in Washington, April 27, 2010. THE CANADIAN PRESS/AP, Susan Walsh

TORONTO - The chairman and CEO of Goldman Sachs Group Inc. says austerity measures are not the best path for the United States as a fiscal cliff looms.

Speaking to the Canadian Club of Toronto, Lloyd Blankfein said cutting spending can be done in the longer term, but now is not the time.

He says the U.S. can't austere itself to a higher GDP.

The fiscal cliff is what would happen if warring politicians in Washington don't get together this fall to extend programs and tax cuts helping keep the economy out of recession.

Blankfein says an environment in which being labelled a moderate is a pejorative is not conducive to compromise.

But, he says, these situations have a way of working out and even though the fiscal cliff lies ahead, it doesn't have to be a problem because the "basic guts" of it are good.

© The Canadian Press, 2012

19 Sep, 2012


-
Source: http://www.globalnews.ca/Money/us+cant+austere+itself+to+a+higher+gdp+goldman+sachs+ceo+says/6442718128/story.html
--
Manage subscription | Powered by rssforward.com
08.35 | 0 komentar | Read More
techieblogger.com Techie Blogger Techie Blogger